March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueTechnology cont.SciQuest, Inc. † 4,304 $116,273Semtech Corp. † 6,518 165,166Silicon Graphics International Corp. † 6,929 85,088Silicon Image, Inc. † 40,422 278,912Skyworth Digital Holdings, Ltd. (China) 496,000 272,577SoftBank Corp. (Japan) 26,800 2,021,240SolarWinds, Inc. † 11,825 504,100Sparton Corp. † 9,042 264,750SS&C Technologies Holdings, Inc. † 5,435 217,509Symantec Corp. 227,368 4,540,539Synaptics, Inc. † 6,337 380,347Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 331,350 1,294,704Tech Data Corp. † 7,651 466,405Tencent Holdings, Ltd. (China) 19,400 1,350,744Tokyo Electron, Ltd. (Japan) 16,300 1,000,743Toshiba Corp. (Japan) 43,000 181,750Tyler Technologies, Inc. † 4,311 360,744Ultimate Software Group, Inc. † 3,026 414,562Ultra Clean Holdings, Inc. † 23,697 311,616Unisys Corp. † 10,796 328,846United Internet AG (Germany) 18,967 890,637VeriFone Systems, Inc. † 12,286 415,513Verint Systems, Inc. † 5,364 251,733Vocus, Inc. † 14,866 198,164Western Digital Corp. 93,748 8,607,941XO Group, Inc. † 16,926 171,630Yandex NV Class A (Russia) † 18,471 557,639Zynga, Inc. Class A † 29,374 126,308Transportation (1.4%)177,826,697Aegean Marine Petroleum Network, Inc. (Greece) 40,847 402,751Aeroflot — Russian Airlines OJSC (Russia) † 115,182 180,943Alaska Air Group, Inc. 20,800 1,940,848Central Japan Railway Co. (Japan) 13,300 1,558,419China Southern Airlines Co., Ltd. (China) 436,000 141,652ComfortDelgro Corp., Ltd. (Singapore) 443,000 699,833Copa Holdings SA Class A (Panama) 800 116,152Delta Air Lines, Inc. 231,077 8,006,818Deutsche Post AG (Germany) 25,353 941,996Diana Shipping, Inc. (Greece) † 17,960 215,340Hawaiian Holdings, Inc. † 27,804 388,144International Consolidated Airlines Group SA (Spain) † 181,113 1,262,522Japan Airlines Co., Ltd. (Japan) UR 17,100 840,630Jaypee Infratech, Ltd. (India) † 130,757 46,376Matson, Inc. 3,889 96,019Quality Distribution, Inc. † 54,465 707,500Republic Airways Holdings, Inc. † 21,780 199,069SkyWest, Inc. 14,579 186,028Dynamic Asset Allocation Growth Fund 43